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Friday, June 21, 2024

S&P Rises 0.87% as Investors Await Economic Data, Following Sluggish Previous Week

Key Takeaways:

  • The S&P 500 index experienced a gain of 0.87% today, as investors wait for the release of economic data tomorrow.
  • Despite today’s gains, sentiment on the S&P 500 has decreased according to the latest Commitment of Traders (COT) data.

S&P 500 Performance and Economic Data

The S&P 500 index experienced a gain of 0.87% today, as investors wait for the release of economic data tomorrow. This uptick comes after a disappointing performance last week, where the index ended 3.05% lower.

S&P 500 1-Minute Price Data

Traders and Investors are focused on the upcoming S&P Global Manufacturing PMI, Composite PMI, and Services PMI figures for April, as well as the New Home Sales data for March. Consensus estimates suggest a slight improvement in the Manufacturing and Services PMIs, with readings of 52 and 52, respectively, compared to the previous month’s figures of 51.9 and 51.7. The Composite PMI is expected to come in at 52.2, a slight increase from the prior reading of 52.1.

New Home Sales are projected to rise to 0.668 million units in March, an increase from the previous month’s 0.662 million.

Sentiment Data

Despite today’s gains, sentiment on the S&P 500 has decreased according to the latest Commitment of Traders (COT) data. The report, which covers positions as of April 16, 2024, shows that asset managers and institutional investors have reduced their long positions while increasing their short positions. Leveraged funds, on the other hand, have significantly increased their long positions and decreased their short positions.

S&P 500 Sentiment Asset Managers
S&P 500 Sentiment Leveraged Funds

While some investors remain optimistic about the potential for further gains, others are adopting a more cautious approach, given the recent volatility and the anticipation of economic data.

Lazarus
Lazarushttps://ljlnews.com
Publisher and editor of LJLNews. I am a Stock Market enthusiast, with an interest for politics. I hope you enjoy reading the articles! Contact me at: Lazaruslucas@ljlnews.com

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